Mastermind behind $32m luxury goods scam convicted

Prosecution seeking jail term of between 14 and 15 years for cheating, money laundering

- Nadine Chua

A Thai woman involved in a $32 million luxury goods scam has been convicted of cheating and money laundering.

Pansuk Siriwipa, 30, masterminded a scheme to defraud and cheat 189 victims, in what the prosecution said was one of the largest scams perpetrated against multiple victims in recent memory.

On Oct 21, Pansuk, who faced 180 charges, pleaded guilty to 30 of them.

These included fraudulent trading charges, where she collected payments for luxury watches and bags amounting to more than $25 million, despite knowing these orders could not be fulfilled.

The remaining 150 charges will be taken into consideration during sentencing on Oct 29.

Her husband, Singaporean Pi Jiapeng, 29, faces nine charges. His case is pending.

Deputy Public Prosecutor David Koh said Pansuk and Pi got married in September 2020. In May 2021, they started a business called Tradenation to sell luxury watches.

Less than a year later, Pansuk started another company, called Tradeluxury, for the sale of luxury bags.

Even when the companies started having financial issues, she continued to accept orders and payments from customers.

Instead of fulfilling orders, Pansuk used the money for a private jet flight with Pi and their friends worth $58,000. She also bought a house worth more than $2.3 million in Bangkok and a Chevrolet Corvette registered in Pi's name.

At that time, Pi already owned three other cars - a Toyota Alphard, a McLaren Coupe and a Porsche Macan.